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More on the Local Reaction to the Stock Market Collapse

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Reports of a stock market crash created a panic earlier in the day.
American stocks fell more than three percent as result of the fear of slowing growth in the Peoples Republic of China. We looked at how much impact this crash has on our everyday lives.

Greg Lesko of Lesko Financial Groups says, "The average investor should be invested in a well diversified portfolio. They shouldn't sweat the big swings that we've seen recently."

Lesko adds, "They should keep in mind that they are invested for the long term. Prices will change frequently and on a daily basis. Just because recently it's uncommonly volatile, for the most part over long periods of time the markets do go up."

Local businesses are not showing signs of too much panic either. Ron Sall of Sall-Stearns Clothing and Tailoring says he is not sure what's going to happen. So, he will just keep going.

One concern is that the Chinese markets have such an influence on US markets. Chinese Policy Expert Harry Wu in Washington, DC tells us that it should be cause for concern.

Harry Wu of Laogai Research Foundation says, "China has a lot of cash. But the political system and economic system, include the military and government system, is a Communist style. All the money is controlled by the Communist member. Remember the Indian economist who won the Nobel Peace Prize says, 'I didn't find any totalitarian regime that could keep the prosperity. This country has the money, has the economy but it is a totalitarian regime.'"